Facebook to Pay Salaries in GlobalCoin, Embraces Decentralization

Social media giant Facebook is expected to announce its cryptocurrency project to the public later this month and will allow its employees to get salaries in the digital currency.

According to a June 5 report by The Information, the digital coin will be used for transaction across multiple platforms of the social media company.

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Moreover, the Menlo Park-headquartered firm is also planning to make its crypto decentralized as it is inviting third-parties to run entities on its network to process the transactions. However, Facebook is going to charge a fee from these node entities which might go as high as $10 million.

Rumors and reports, but nothing official

Though Facebook did not reveal anything about its blockchain projects, many media reports confirmed that it is working on ambitious projects to bring crypto to the masses. The company is reportedly developing a stablecoin called GlobalCoin.

According to the Financial Times, Facebook is already in talks with the Commodities and Futures Trading Commission (CFTC) to discuss regulatory needs for the digital currency. However, it is not yet decided which agency will oversee GlobalCoin.

Though the launch date of the coin is not accurately specified, one report detailed that the company might bring its coin to the market next year.

The Information also specified that Facebook would put up a dedicated portal to allow buyers to get their hands on the digital coin.

To increase the adaptation of the digital currency, the social media company also reportedly in talks with global payment providers, crypto industry players, and global regulators as well.

Last month, Finance Magnates reported that Facebook has set up a new fintech startup in Switzerland called ‘Libra Networks,’ to support its cryptocurrency payments plan.

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